ON-CHAININTELLIGENCE
The definitive market intelligence hub for the Hyperliquid ecosystem. High-density signals, institutional data, and agent-optimized endpoints.
Signal Stream
Deep analysis for high-volatility events
CBRS Pre-IPO Perp Hits $298 as Cerebras Targets $40B IPO
CBRS, the trade.xyz HIP-3 pre-IPO perpetual on Cerebras Systems, marked $298.10 on a 22.53% move after Bloomberg reported on May 1 that the AI chipmaker is now targeting up to $4 billion in its IPO at roughly a $40 billion valuation — nearly double its February Series H mark. Banks have already taken more than $10 billion in indications of interest, and the roadshow is set to begin as soon as Monday with pricing aimed for mid-May. The perp is trading at roughly 2.6x Forge's $113.50 secondary and 1.6x Hiive's $184.87 mark, and the basis is on a clock that runs out the moment Cerebras opens on Nasdaq.
SNDK Holds $1,192 as Goldman Sachs Doubles Its Target From $700 to $1,200
Goldman Sachs joined the SNDK upgrade parade by nearly doubling its price target to $1,200 from $700, capitulating on what had been one of the last meaningfully cautious sell-side notes on Sandisk. The HIP-3 perp on xyz:SNDK ran +8.68% over 24h to $1,192 after a Friday session that opened down roughly 5% and closed up around 8%. The trigger underneath the rerating: Sandisk's own Q3 print plus Seagate's April 28 quarter, where record gross margins on +44% YoY revenue effectively ratified the AI-storage thesis across the NAND and HDD complex.
SNDK Pushes to $1,190 as Cantor Goes to $1,800 and Bernstein to $1,700
The analyst tape that already looked aggressive after Sandisk's Q3 print is getting reset higher. Cantor Fitzgerald lifted its target to $1,800 from $1,400 on pricing strength, Bernstein moved to $1,700 from $1,250, and Wells Fargo went to $975 from $675 under a note titled "we've clearly missed Sandisk." The HIP-3 perp on xyz:SNDK ran +17.52% over 24h to $1,190 as the desk reprices a contract stack that now carries over $11 billion in customer financial guarantees and at least $42 billion in committed multi-year revenue.
Protocol Library
Evergreen explainers for entities, mechanics, and Hyperliquid market structure
What Is HYPE? Hyperliquid's Native Token Explained
HYPE is the native token of Hyperliquid, the largest on-chain perpetual futures exchange. Used for staking, gas, governance, and fee discounts, HYPE has a unique economic model: zero VC allocation, protocol-level buybacks exceeding $1 billion, and dual burn mechanisms that have made it net deflationary.
HIP-3 Explained: Anyone Can Launch Hyperliquid Perps
HIP-3 lets anyone deploy a perpetual futures market on Hyperliquid — no approval needed. How builders launch markets, post stake, and earn fees.
HIP-4: Outcome Trading
HIP-4 brings fully collateralized outcome contracts to Hyperliquid — enabling prediction markets, options-style payoffs, and event-driven trading with no leverage and no liquidations.
AI Trading Bots on Hyperliquid: 2026 API & Agent Guide
Run AI trading bots on Hyperliquid: API endpoints, Python and TypeScript SDKs, agent wallet setup, and zero-gas execution.
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We decode on-chain flows and narrative catalysts. Get the technical context behind every liquidations cascade and volume spike.
Institutional Data
Access open interest, funding rates, and skew metrics typically reserved for professional terminals. Pure signal for serious traders.
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